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HP Inc to reduce global headcount by up to 6K employees
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IANS | 23 Nov, 2022
PC and printer major HP Inc is joining the ongoing tech layoff season and will lay off nearly 4,000-6,000 employees.
In
the earnings report for its fourth quarter of 2022, the company said it
expects to reduce gross global headcount by approximately 4,000-6,000
employees, which is between 7-11 per cent of its workforce.
"These actions are expected to be completed by the end of fiscal 2025," HP said in a statement late on Tuesday.
The
company announced a 'Future Ready Transformation Plan', estimating
annualised gross run rate cost savings of at least $1.4 billion by the
end of fiscal 2025, and restructuring and other charges of approximately
$1 billion.
HP Inc and its subsidiaries announced fiscal 2022 net revenue of $63 billion, down 0.8 per cent from the prior-year period.
"We
had a solid end to our fiscal year despite navigating a volatile
macro-environment and softening demand in the second half. In Q4 we
delivered on our non-GAAP EPS target, while also completing our
three-year value creation plan and exceeding our key metrics," said
Enrique Lores, HP President and CEO.
"Looking forward, the new
'Future Ready' strategy we introduced this quarter will enable us to
better serve our customers and drive long-term value creation by
reducing our costs and reinvesting in key growth initiatives to position
our business for the future," Lores said.
The Personal Systems
net revenue was $10.3 billion, down 13 per cent year over year. The
printing net revenue was $4.5 billion, down 7 per cent year over year,
said the company.
The global PC market has had a rough year following a pandemic boom.
Declines
continued for the traditional PC market as global shipments totalled
74.3 million units during the third quarter of 2022, down 15 per cent
YoY.
The Indian traditional PC market declined by 11.7 per cent
YoY with shipments of 3.9 million units in the September quarter after
eight consecutive quarters of growth, according to the IDC.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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